City National Rochdale Strategic Credit Fund
CNROX
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- City National Rochdale Strategic Credit Fund (CNROX) is a continuously offered, non-diversified, closed-end management investment company operated as an interval fund that seeks to generate current income with a secondary objective of long-term capital appreciation. The Fund pursues its objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities and credit-related investments, including equity and mezzanine tranches of collateralized loan obligations (CLOs), equity interests in CLO warehouses, more senior CLO debt tranches, mortgage-backed and asset-backed securities, structured credit, high yield and investment grade bonds, notes and debentures of U.S. and non-U.S. issuers, U.S. government securities, senior secured or subordinated loans, and floating or fixed rate securities of any maturity and credit quality; up to 20% of net assets may be allocated to equity securities of companies worldwide. It may invest without limit in illiquid securities to the extent consistent with interval fund repurchase liquidity requirements and employs leverage through credit facilities. Organized as a Delaware statutory trust on February 26, 2018, with principal executive offices at 400 Park Avenue, New York, New York 10022, the Fund is advised by City National Rochdale, LLC, a wholly-owned subsidiary of City National Bank (itself an indirect subsidiary of Royal Bank of Canada), which had approximately $70.3 billion in assets under management as of July 31, 2025; sub-advisory services are provided by CIFC Investment Management LLC, managing over $45 billion in assets focused on CLOs, structured credit and direct lending as of June 30, 2025. The Fund conducts quarterly repurchase offers, typically for 8% of outstanding shares (between 5% and 25%) at net asset value during February, May, August and November, providing limited liquidity though shares are illiquid and not listed on any exchange. It targets high-net-worth individuals, families, foundations and institutional investors via registered investment advisers, with a $1,000,000 minimum initial investment per intermediary. Recent developments include a prospectus update dated September 26, 2025, reflecting ongoing operations amid a portfolio composition as of June 30, 2025 showing 75% in CLO equity, 22% in CLO debt, 3% in cash equivalents and total annual operating expenses capped at 1.95% through contractual fee waivers until October 1, 2025. The Fund continues its strategic focus on CLO equity and mezzanine tranches for risk-adjusted returns in a market environment favoring higher-yield opportunities, with no reported acquisitions, funding rounds or major reorganizations in the past 1-2 years. Quarterly interval fund reports and annual filings confirm stable management by portfolio managers Thomas H. Ehrlein and Charles Luke, with net asset value at $6.52 and average weighted maturity of 5.14 years as of mid-2025.